How to swap the "visible" box option in the visibility actuator?
Variable assignment

status has no relationship to act.visibility. You can't expect to change the variable and the actuator takes over this change. You need to change the actuator, not a variable that contains an earlier copy of the attributes value:

actuator.visibility = False


Know the API:
Due to the dynamic nature of the requested behavior I recommend to toggle visibility with KX_GameObject.visible 

owner.visible = True


Remarks:

I wonder how your code can work without errors


Flashlight is not defined
Aura is not defined


I strongly suggest to use complete words for naming. "cont", "obj", "act" are unnecessary abbreviations leading to confusion. e.g. is act an actor, action, actuator, or an act? Is cont an contact or continuation? Is object an objective? 

If we already have words why invent new one? :)

Your code can look like that:

import bge
from initialization import initialization 

initialization(__name__)
scene = bge.logic.getCurrentScene()
controller = bge.logic.getCurrentController()
owner = controller.owner
aura = controller.actuators["Aura"]

if Flashlight["targetName"] == owner.name.replace(" ","_"):
    aura.visibility = True
    cont.activate(Aura)
else:
    aura.visibility = False
controller.activate(aura)